Bank Nifty Futures Analysis- 16Oct2020

The uptrend has broken since yesterday, 15th October, and the 5 day SMA has changed/reversed its direction from upwards to downwards. This will create selling pressure on any upmove next week. Momentum indicator (CCI) is also pointing towards weakness. New long positions can be added on closing above 23,600 and further long positions can be added on closing above 24,200 (which has been the resistance level for last 2 months).

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